Property Type

Dougherty Arranges $12M Loan for Refinancing of Affordable Housing Property in Goshen, Ohio

by Kristin Harlow May 11, 2017

GOSHEN, OHIO — Dougherty Mortgage LLC has arranged a $12 million HUD 223(f) loan for the refinancing of Meadow View Townhomes in Goshen, about 30 miles northeast of Cincinnati. The affordable housing property, built in 1994, consists of 128 units. Dominium Development & Acquisition took over ownership and management duties of the property in 2015. The loan features a 35-year term and amortization schedule. Dougherty’s Minneapolis office arranged the loan for the borrower, Goshen Leased Housing Associates I LLLP, a limited liability partnership based in Minnesota.

May 11, 2017

Industrial Midwest Wisconsin

Coldwell Banker Brokers Sale of 26,029 SF Airplane Hangar in Janesville, Wiscnosin

by Kristin Harlow May 11, 2017

JANESVILLE, WIS. — Coldwell Banker Commercial has brokered the sale of a 26,029-square-foot airplane hangar located at 4618 S. Columbia Drive in Janesville, about 40 miles south of Madison. The hangar, previously used for Blackhawk Technical College’s aircraft maintenance program, was vacated when the program was discontinued in 2013. Meisner Aircraft Inc. purchased the property for an undisclosed price. Bill Mears of Coldwell Banker represented both parties in the transaction.

May 11, 2017

Hospitality Loans Mixed-Use Multifamily New York Northeast

HFZ Capital Secures Construction Financing for The Eleventh in NYC

by Haisten Willis May 11, 2017

NEW YORK CITY — HFZ Capital Group, a Manhattan-based real estate development and investment company, has secured construction financing for The Eleventh, a mixed-use development located at 76 11th Ave. between 17th and 18th streets. A British financial institution provided HFZ Capital with construction financing for the development. HFZ’s John Shannon directed the firm’s negotiations to secure the financing. Situated on the Far West Side of Chelsea, The Eleventh is slated to open in 2019 featuring two towers between the High Line and the Hudson River. Bjarke Ingels Group designed the project. In addition to residences, Six Senses Hotels Resorts Spas will open its flagship North American hotel inside the project. HFZ originally secured $870 million in acquisition and pre-development financing in May 2015 from a consortium of lenders, including JPMorgan, BlackRock and SL Green Realty. Construction of The Eleventh has already begun, and sales of condominium residences will begin later this year.

May 11, 2017

Mixed-Use New Jersey Northeast Office Restaurant Retail

Edison Properties Begins Redevelopment of Ironside Newark in New Jersey

by Haisten Willis May 11, 2017

NEWARK, N.J. — Edison Properties has begun construction at Ironside Newark, a mixed-use building in downtown Newark. Located at the corner of Edison Place and McCarter Highway (Route 21), Ironside Newark will transform the warehouse building into a commercial and retail destination. Designed by New York City-based Perkins Eastman, the project will include 456,000 square feet of offices across its six upper floors, with access to a rooftop featuring green space and views of Newark and Manhattan. Two floors of retail and restaurant space will front the newly announced Mulberry Commons Park, providing a link between Ironside Newark and Newark Penn Station, Prudential Center arena and downtown Newark. Hollister Construction Services will serve as the sole construction manager on the project. Construction on the building is expected to last 18 months, with opening tentatively scheduled for fall 2018.

May 11, 2017

New Jersey Northeast Restaurant Retail

Anchor Tenants Announced at The Shoppes at Middletown in Middletown, N.J.

by Haisten Willis May 11, 2017

MIDDLETOWN, N.J. — National Realty & Development Corp. (NRDC) has signed the first anchor tenants at The Shoppes at Middletown, a retail development in Middletown. A 130,000-square-foot Wegmans Food Markets store and a 26,530-square-foot, six-screen CMX, The VIP Cinema Experience will join the 340,000-square-foot development. When complete, The Shoppes at Middletown will include national, regional and local retailers and restaurants. The project is located on Route 35 at its intersection with Kings Highway East in eastern Monmouth County.

May 11, 2017

Multifamily New York Northeast

Cushman & Wakefield Arranges $3.8M Sale of Townhomes in NYC

by Haisten Willis May 11, 2017

NEW YORK CITY — Cushman & Wakefield has arranged the $3.8 million sale of a six-unit, multifamily townhouse complex at 331 W. 87th St. in Manhattan’s Upper West Side. Four of the units in the five-story, 4,109-square-foot property are rent-stabilized, one is rent-controlled and the sixth is market-rate. The sale price equaled $922 per square foot. Cushman & Wakefield did not disclose the identity of either the seller or buyer. Stephen Palmese, Hall Oster, Teddy Galligan, Michael Mazzara, James Berluti and Bryan Smadbeck led the Cushman & Wakefield team in the transaction.

May 11, 2017

Healthcare Northeast Office Pennsylvania

Good Shepherd Medical Center Opens at Weis Plaza in Kutztown, Pa.

by Haisten Willis May 11, 2017

KUTZTOWN, PA. — Good Shepherd Medical Center at Weis Plaza has opened in Kutztown. Weis Plaza is a retail center anchored by Weis Supermarket, with other tenants including Dollar General and National Auto Stores. The center is located one mile from the University of Kutztown. Good Shepherd is an Allentown, Pa.-based rehabilitation center offering care for people with medical needs, physical disabilities, cognitive disabilities and injuries. Nassimi Realty, a privately held development and investment company specializing in the redevelopment of existing properties, is the owner of Weis Plaza.

May 11, 2017

Northeast Pennsylvania Retail Top Stories

CBRE Global Investor Fund Acquires King of Prussia Town Center for $183M

by John Nelson May 11, 2017

KING OF PRUSSIA, PA. — A fund advised by CBRE Global Investors has acquired King of Prussia Town Center, a newly constructed, open-air shopping center located at 155 Village Drive in King of Prussia, an affluent suburb of Philadelphia. The sales price and seller were undisclosed, but various media outlets have reported that the fund acquired the 263,423-square-foot project from developer JBG Cos. for $183 million. King of Prussia Town Center is the retail component of The Village at Valley Forge, a 122-acre master planned development by Realen Corp. that will feature nearly 3,000 residential units and 1 million square feet of commercial space upon completion. The development also features the newly opened Children’s Hospital of Philadelphia Specialty Care & Surgery, King of Prussia and a 130,000-square-foot Wegmans grocery store, which is owned by the same CBRE-backed fund. King of Prussia Town Center’s average traffic count is more than 360,000 vehicles daily, according to CBRE Global Investors. The development is situated near King of Prussia Mall, a 2.3 million-square-foot superregional mall owned and operated by Simon Property Group. King of Prussia Town Center was 87 percent leased at the time of sale to retailers including REI, LA Fitness, Muse Paintbar, …

May 11, 2017

Features Mixed-Use Multifamily Seniors Housing Top Stories

Seniors Housing Draws Customers to Mixed-Use Centers

by Jeff Shaw May 11, 2017

Generally, when one thinks about the massive, new mixed-use projects under development, a few images come to mind. Apartments, offices, hotels and retail mixed together, with some green walking trails and open spaces. Seniors housing, however, is probably not among those first impressions. This idea is changing, though, as mixed-use developers and seniors housing owners and operators begin to see the mutual benefits that senior living can bring to a project. The demographic wave of Baby Boomers hitting retirement age will nearly double the 65-plus population in the United States by 2050, from 43.1 million to 83.7 million, according to projections by the U.S. Census Bureau. The tactic of integrating seniors living into mixed-use developments is becoming more common throughout the country. Usually in high-end developments, the target market is seniors with disposable income. While the projects are a one-off concept for most seniors housing developers, some are making it a cornerstone of their development philosophies. For example, Georgia-based Formation Development Group, a subsidiary of private equity group Formation Capital, has opened four communities in mixed-use developments in Texas and Illinois since 2009. The company has a fifth currently under construction in Pennsylvania. “That’s an intentional strategy on our part,” …

May 11, 2017

Indiana Market Reports Midwest Midwest Market Reports Multifamily

Healthy Apartment Renter Demand in Indianapolis Eclipses Robust Supply Growth

by Kristin Harlow May 11, 2017

Strong job growth in the second half of 2016, robust tenant absorption of new apartment supply and falling vacancies throughout the Indianapolis metro area supported a markedly improved multifamily marketplace by the end of the year. This year, steady employment gains and rising home prices will continue to bolster apartment property performance metrowide. In the first half of 2016, hiring was sluggish due to a lack of available workers, but ramped up at midyear. By year’s end, area employers increased employee headcounts by 25,300, a 2.5 percent increase overall. Although employment gains were widespread, the education and health services sector led job creation followed by construction. With the opening of Cummins Inc.’s new distribution headquarters and tech sector growth most notably Salesforce’s significant expansion in the area hiring this year is expected to remain stable. The forecast calls for employers to add 20,000 new workers to payrolls this year, which will further elevate demand for multifamily rentals. Construction ramps up Developers delivered 2,500 rental units to the marketplace last year, the second largest annual supply increase in nine years, but tenants readily absorbed the new supply. Nearly half of the submarkets in the metro area received new supply in 2016, …

May 11, 2017

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